Business Strategy Fundamentals Quiz
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Questions and Answers

What is a strategy according to the text?

  • A description of the organization's history
  • A detailed plan for day-to-day operations
  • A set of decisions about business activities and markets (correct)
  • A list of short-term goals for the organization
  • What does the organizational plan resulting from the planning process detail?

  • The goals to be attained (correct)
  • The day-to-day operational tasks
  • The financial projections for the next year
  • The historical performance of the organization
  • What is the first stage of the planning process?

  • Setting short-term goals
  • Analyzing the competition
  • Determining the organization's mission and goals (correct)
  • Reviewing the organization's financial statements
  • What does the direction component of a strategy refer to?

    <p>Where the business is trying to get to in the long-term</p> Signup and view all the answers

    What does the advantage component of a strategy focus on?

    <p>How the business can perform better than the competition in the markets</p> Signup and view all the answers

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